March 5, 2024

Markets:

U.S. stock futures ticked lower Tuesday, putting Wall Street on track to build on the previous session’s decline.

AMD shares traded 1.5% lower after Bloomberg News reported the chipmaker hit a regulatory snag that will prevent it from selling an artificial intelligence chip to China. Apple shed more than 2% on the back of a report from Counterpoint Research that found iPhone sales plunged in China in the first six weeks of 2024.

Those moves follow a losing day on Wall Street. Monday’s slides pulled the technology-heavy Nasdaq Composite off record highs, even as high-flying AI winner Nvidia advanced.

On the data front, the S&P Global US Services purchasing managers’ index, durable goods orders and ISM Services Index are scheduled for release Tuesday morning.

Portfolio:

Small caps started off strong yesterday before selling off a bit into the afternoon portion of the session.  We move on to today holding set-ups in IOVA, SKLZ, NU, PATH, and PLTR.  We do want to adjust our stop on SKLZ to 6.45.  We will be looking to add over the next few sessions to position ourselves for the next few weeks.  Queue continues to ignite and we love that certain sectors continues to have outstanding price activity even when the overall market looks a bit weak for the session. We've had a monster start to 2024, no reason to rush into any new trades until we have a nice trend set.  We expect a senseational period ahead but can see a bit of chop heading into the next FOMC meeting.  Let's have a great session.